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Enter Gambling Losses

Gambling losses can be deducted as an itemized deduction up to the total of reported gambling and prize winnings.

For example, if you won $50 and lost $200, you can only deduct $50 in gambling losses. On the other hand, if you lost $200 but did not win any money, you cannot deduct gambling losses.

Gambling losses are entered in the Other Income area of the interview:

  1. Select the Federal Taxes, then select Income.
  2. In the Your Income screen, select the Select Specific Topics button.
  3. In the Your Income screen, scroll down to Less Common Income.
  4. Select the Start button for Gambling winnings and follow the on-screen instructions in the TurboTax Interview.

Remember, you must enter gambling winnings to be able to deduct gambling losses.


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